Carlos Slim to Break Up Mexico's Leading Telecommunications Firm

Billionaire Plans to Divest Part of América Móvil to Avoid Antitrust Regulations

By

Anthony Harrup and

Juan Montes

Updated July 9, 2014 5:29 p.m. ET

MEXICO CITY—More than two decades after acquiring Mexico's state phone monopoly, Carlos Slim is planning to break up part of his company as new laws seek to loosen his grip on the fixed and mobile telecommunications sector.

His company, América Móvil, with operations in Latin America, Europe and the U.S., said Tuesday it will sell assets in Mexico to a new independent operator to cut its market share below 50%, and thereby avoid...